Verity Credit Union Overview and Financial Performance

Verity Credit Union has been serving its members since 1948, making it a well-established financial institution with a long history of providing financial services to its community.

Verity Credit Union has over 60,000 members and over $800 million in assets, indicating a strong financial position.

Verity Credit Union is headquartered in Seattle, Washington, and operates several branches throughout the Puget Sound region, making it a convenient option for its members.

Verity Credit Union's membership is open to anyone who lives, works, worships, or attends school in King County, Pierce County, or Snohomish County in Washington state.

Membership with Verity Credit Union is open to anyone who lives, works, worships, or attends school in the state of Washington.

You can also join if you're a family member of an existing member.

Verity Credit Union serves military employees, current and retired, and their extended families, located in 16 Washington counties.

Verity Credit Union's total revenues for the year ending 12/2022 were $38,343,946, a 7% increase from the previous year's total of $35,849,734.

The credit union's revenue streams include program services, which accounted for $36,566,319 of the total revenue in 2022, a 6% increase from the previous year's $34,489,559.

Investment income and dividends also played a significant role, with a substantial 64.9% increase from $846,432 in 2021 to $1,395,970 in 2022.

Here is a breakdown of Verity Credit Union's revenue streams for 2022:

The credit union's net rental income was $381,657 in 2022, a 5.8% increase from the previous year's $360,748.

Financials are a crucial aspect of any organization, and Verity Credit Union's financials are no exception. The credit union's total revenues for FYE 12/2022 were $38,343,946.

One notable trend in Verity Credit Union's financials is the significant increase in investment income and dividends. This revenue stream saw a 64.9% increase from FYE 12/2021 to FYE 12/2022.

Program services revenue also saw a notable increase, rising by 6% from FYE 12/2021 to FYE 12/2022. This revenue stream accounted for $36,566,319 of the credit union's total revenues.

Here's a breakdown of Verity Credit Union's revenues for FYE 12/2022:

The credit union's total revenues for FYE 12/2022 represented a 7% increase from the previous year.

Verity Credit Union was awarded a $383,223 grant from the US Treasury's Small Dollar Loan program.

This grant will help Verity expand access to affordable loans to communities that have been historically underserved by financial institutions.

The Small Dollar Loan program empowers Certified Community Development Financial Institutions (CDFIs) like Verity to provide credit and financial products and services to these communities.

Verity will use the grant to develop a small dollar consumer loan program offering unsecured loans of up to $2,500 with no prepayment penalty and the option to repay in installments.

This initiative aligns with Verity's mission to reduce the generational wealth gap by supporting members in establishing credit and managing their finances effectively.

The grant will help Verity provide a vital financial lifeline to its community, equipping them with the tools they need to achieve long-term financial stability.

Verity's commitment to serving the community is further demonstrated by its existing programs and services, including the Microgrant Program, Limited Equity Co-op loans, and partnerships with organizations like Zest AI and Business Impact NW.

Verity Credit Union has a strong leadership team, with Tonita Webb serving as both Chief Executive Officer and President.

The CEO's compensation is $585,855, as of 2024-10-03.

Their Chief Financial Officer, Brad Tanberg, earns $217,529.

Form 990s are a crucial part of a credit union's operations, providing valuable information about their financial health and governance.

The Verity Credit Union's Form 990s are publicly available, with the most recent one received by the IRS on November 15, 2024, for the fiscal year ending December 2023.

Here's a breakdown of the credit union's Form 990s:

These documents offer a glimpse into the credit union's financial situation, governance, and compliance with tax laws.

Let's take a look at the personnel at Verity Credit Union. The Chief Executive Officer, Tonita Webb, makes a significant $585,855.

Tonita Webb has held the position of Chief Executive Officer since at least 2024, as seen in the 2024-10-03 data. She also held the title of President - Chief Executive Officer in 2022, with a compensation of $551,167.

The Chief Financial Officer, Brad Tanberg, earns a respectable $217,529. His compensation has not been disclosed for a later date.

Here's a list of some of the key personnel at Verity Credit Union, along with their titles and compensation:

Tonita Webb's title changed to President - Chief Executive Officer in 2022.

You can find your Verity Credit Union routing number online, and I'm happy to walk you through the options. You can check the website we've listed routing numbers for some of the biggest banks in the US, which may include Verity Credit Union.

To get your bank's routing number, you can also log into online banking, where it should be readily available.

If you'd rather not log in, you can also look for your routing number on a bank-issued check or bank statement. It's usually printed in the bottom left corner.

If you're still having trouble finding your routing number, you can try looking it up on the official website of the Federal Reserve, known as Fedwire.

Verity Credit Union is part of a larger community of organizations that share similar goals and values.

Numerica Credit Union, a 501(c)(14) organization, is located in Spokane Valley, WA, and has a revenue of $175,521,623.

Harborstone Credit Union, also a 501(c)(14), is based in Tacoma, WA, with a revenue of $93,110,698.

Sound Credit Union, another 501(c)(14), is also located in Tacoma, WA, and has a revenue of $151,525,047.

Community 1st Credit Union, a 501(c)(14) organization, is based in Dupont, WA, with a revenue of $11,928,214.

Horizon Credit Union (HZCU), a 501(c)(14), is located in Spokane Valley, WA, with a revenue of $110,218,528.

Kitsap Credit Union (KCU), a 501(c)(14), is based in Bremerton, WA, with a revenue of $135,974,513.

Our Community Credit Union (OCCU), a 501(c)(14), is located in Shelton, WA, with a revenue of $32,175,619.

Qualstar Credit Union, a 501(c)(14) organization, is based in Bothell, WA, with a revenue of $35,866,616.

Columbia Community Credit Union, a 501(c)(14), is located in Vancouver, WA, with a revenue of $117,918,562.

Red Canoe Credit Union, a 501(c)(14), is based in Longview, WA, with a revenue of $56,003,115.

If you're interested in learning more about these organizations or finding similar ones, you can check out the list below for more information.